Why Boardwalk Pipeline Partners (BWP) Stock Is Up Today

NEW YORK (TheStreet) -- Shares of Boardwalk Pipeline Partners LP (BWP) are up 3.05% to $14.35 on Monday afternoon following a ratings upgrade.

The natural gas pipeline company was upgraded to "neutral" from "underperform" at Bank of America  (BAC) Merrill Lynch.

"We upgraded Boardwalk Pipeline Partners...as trade reports indicate [the company] has concluded a successful binding open season in contracting some legacy south-to-north pipeline capacity to a north-to-south flow, which could help stabilize [the company's] base business," a report from Bank of America said.

"In addition, we understand Boardwalk Pipeline Partners has several other potential pipeline reversals on the table," the report continued. "Recent natural gas spreads and volatility may also provide some near-term uplift for [the company's] storage and pipeline business."

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TheStreet Ratings team rates BOARDWALK PIPELINE PRTNRS-LP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate BOARDWALK PIPELINE PRTNRS-LP (BWP) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."

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